Fashion retailer H&M to cut 1,500 jobs in cost saving drive
The H&M clothing store is seen in Times Square in Manhattan, New York, US on Nov 15, 2019.
PHOTO: Reuters file
PUBLISHED ONNovember 30, 2022 8:10 AM
OSLO — Swedish fashion retailer H&M will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of 800 million Swedish crowns (S$104 million) in the fourth quarter, it said on Wednesday (Nov 30).
In September, H&M, the world's No. 2 fashion retailer, launched a plan to save two billion Swedish crowns per year.
"The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this," Chief Executive Helena Helmersson said in a statement.
"We will support our colleagues in finding the best possible solution for their next step," she added.
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